Question: 1.10. Let's think about the demand for plasma TVs. a. If the price for a 50 plasma TV is $2,010, and Newhart would be willing

1.10. Let's think about the demand for plasma TVs.

a. If the price for a 50" plasma TV is $2,010, and Newhart would be willing to pay

$3,000, what is Newhart's consumer surplus?

b. Consider the figure below for the total de mand for plasma TVs. At $2,010 per TV, 1,200 TVs were demanded. What would be the total consumer surplus? Calculate the total and identify it on the diagram.

a. Using the above demand curve, fill in the following table:

Quantity Demanded 55

$25 1,200 Quantity

c. Where is Newhart in the figure above?

Supply and Demand • CHAPTER 3 • 45

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